This is a legacy page. Please click here to view the latest version.
Fri 16 Nov 2018, 09:21 GMT

Date set for Aegean final basis motions to be heard


US court to hear motions on December 4.


Image credit: Pixabay
The US court handling the bankruptcy case involving marine fuel and lubricants specialist Aegean Marine Petroleum Network Inc has confirmed that it will hear a number of motions on a final basis on December 4.

The list of motions for entry of interim and final orders has been provided below.

1. Cash Management Motion

Aegean seeks approval to operate its cash management system, maintain existing bank accounts and continue to perform intercompany transactions. The motion was previously approved on an interim basis.

2. Hedging Motion

Aegean aims to get the court's consent to continue pre-petition hedging practices, commence post-petition hedging practices, grant superpriority claims on account of the post-petition hedging obligations, pay pre-petition hedging obligations and grant related relief.

3. Insurance Motion

Aegean aims to get the court's permission to continue pre-petition insurance coverage and surety bonds; renew and enter into new insurance policies and surety bonds; and continue to pay brokerage fees.

4. Taxes Motion

Aegean seeks authorization to pay certain taxes and fees.

5. Wages Motion

At a previous hearing on November 8, Aegean was authorized, on an interim basis, to pay an amount not exceeding $4.75m to cover compensation and withholding obligations (including $3.75m in unpaid wages); benefits and entitlements; and other employee benefits;

6. Vendor Motion

Aegean was previously given the go-ahead, on a provisional basis, to pay foreign claims up to $3m; lien claims up to $4.3m; 503(b) claims up to $11.1m; and HSE and other claims in the ordinary course of business.

7. Creditor Matrix Motion

Aegean seeks authorization to file a consolidated list of its creditors - instead of filing separate mailing matrices and creditor lists for each debtor business, and also wants to file a consolidated list of its largest 30 unsecured creditors.

Additionally, the court noted that it could also hear the Utilities Motion either on December 4 or at a future date.

In the Utilities Motion, Aegean is seeking an order to approve its proposed assurance of payment for utility services; and it also aims to prohibit utility providers from altering, refusing, or discontinuing services.

Objections, if any, to the motions must be served on or before November 27.


Titan Optimus alongside Peony Leader vessel. FuelEU pooling drives surge in bio-LNG demand, Titan analysis finds  

Clean fuel supplier's modelling shows pooling mechanism turning overcompliance into tradable value for LNG-fuelled ships.

Keith Johnstone, Lloyd’s Register. Ports told to prepare now for advanced nuclear power  

Joint paper sets out a readiness pathway for ports facing nuclear-powered vessels, floating reactors and small modular units

Terra Clove vessel. Eastern Pacific Shipping takes delivery of first ammonia dual-fuel VLAC  

Terra Clove powered by first Everllence B&W 6G60ME-C10.5-LGIA ammonia dual-fuel two-stroke engine.

BV grants type approval to WinGD. Bureau Veritas approves WinGD's variable compression ratio technology for dual-fuel engines  

Classification society grants type approval to engine technology enabling compression ratio adjustment across different marine fuels.

Joe Kramek, WSC. Dual-fuel fleet passes 500 ships as investment tops $200bn  

World Shipping Council data shows dual-fuel container ships and vehicle carriers growing fast, with IMO rules uncertain.

VPS Carbon Reduction seminar in Athens graphic. VPS to host Athens seminar on fuel efficiency and carbon reduction  

VPS's final European round table of 2026 will cover marine fuels, lubricants and decarbonisation in Athens.

Aurora Botnia vessel. Wasaline secures locally produced biogas supply from St1 Biokraft for Vaasa–Umeå ferry  

Agreement will supply 42 GWh of liquefied biogas annually, with deliveries due to start in January 2028.

Kypros Island delivery ceremony. Safe Bulkers takes delivery of first dual-fuel methanol Kamsarmax newbuild  

Kypros Island becomes the first dual-fuel bulker to enter the Cyprus Registry.

Singapore waterfront skyline. PetroChina seeks LNG bunker trader to expand Asian marine fuel business  

Role requires five to ten years of commercial experience in LNG, bunker trading, marine fuels, commodities, or energy trading.

Shanghai–Melbourne Green Shipping Corridor (GSC). Shanghai and Melbourne ports move green shipping corridor into delivery phase  

Ports launch implementation plan targeting green methanol, biofuels and shore power by 2035.


↑  Back to Top